Jaypee Group Founder Jaiprakash Gaur on Friday expressed support for the Adani Group’s takeover of his insolvent flagship company Jaiprakash Associates Ltd, stating that he has full confidence in Gautam Adani’s leadership to take the company forward. 

The statement comes amid an ongoing legal tussle, days after Anil Agarwal of Vedanta Ltd. claimed that Gaur had preferred his group as a “safe pair of hands” for the company. 

“I appreciate the fair and transparent process conducted by the Committee of Creditors (CoC) and the Resolution Professional. The CoC has selected the Adani Group as the successful resolution applicant, and we fully respect this decision,” Gaur said. 

CoC approved Adani Enterprises Ltd.’s ₹14,535-crore bid to acquire JAL’s assets

In November last year, the CoC approved Adani Enterprises Ltd.’s ₹14,535 crore bid to acquire JAL’s assets through the insolvency process. The National Company Law Tribunal (NCLT), Allahabad bench, cleared the resolution plan on March 17. 

However, the decision has been challenged by Vedanta, which had submitted a higher bid of ₹17,926 crore, before the National Company Law Appellate Tribunal. The appellate tribunal is currently hearing the matter and has declined to grant an interim stay on the NCLT order. The Supreme Court of India has also not stayed the ruling. 

“I have every confidence that under Gautam Adani’s leadership, the legacy of Jaiprakash Associates will be carried forward with renewed energy and purpose,” Gaur said, adding that the company’s journey since its founding in 1979 has been one of “conviction, perseverance and nation-building”. 

Gaur said the insolvency process has been challenging for all stakeholders, including homebuyers, employees, lenders, and partners, but highlighted that efforts were made to ensure a fair and credible resolution. 

He said that the Jaypee Group has built several marquee assets over the years, including the Buddh International Circuit, major hydropower projects, cement capacity, and large integrated developments such as Jaypee Wish Town, Jaypee Greens, and Jaypee Sports City. 

JAL was admitted to the Corporate Insolvency Resolution Process (CIRP) in June 2024 after defaulting on loans worth ₹57,185 crore. The company has diversified interests spanning real estate, cement, hospitality, power, and engineering and construction. 

Adani Enterprises secured around 90% of creditor votes, ahead of other bidders, including Vedanta and Dalmia Cement. The company’s key assets include large real estate projects in Noida and Greater Noida, as well as cement plants in Madhya Pradesh and Uttar Pradesh.